Cybercrime cost firms $1 trillion globally, McAfee study says
Data theft and breaches from cybercrime may have cost businesses as much as $1 trillion globally in lost intellectual property and expenditures for repairing the damage last year, according to a new study from McAfee.
McAfee made the projection based on responses to a survey of more than 800 chief information officers in the U.S., United Kingdom, Germany, Japan, China, India, Brazil, and Dubai.
The respondents estimated that they lost data worth a total of $4.6 billion and spent about $600 million cleaning up after breaches, McAfee said.
The report, entitled "Unsecured Economies: Protecting Vital Information" is due to be released Thursday at the World Economic Forum annual meeting in Davos, Switzerland. It also finds that developing countries spend more money on protecting intellectual property than companies in Western countries.
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